Swiss Re has confirmed that the destruction of the World Trade Center on September 11, 2001, was a single occurrence under the terms of Swiss Re's coverage.
Jacques Dubois, CEO, Swiss Re America Holding Corporation, said: “The Second Circuit affirmed a unanimous jury verdict finding that the destruction of the WTC on September 11, 2001, was a single occurrence under the terms of Swiss Re's coverage.
"Silverstein's two-occurrence claim against Swiss Re gave rise to five years of protracted litigation. Today's decision resolves Silverstein's two-occurrence claim once-and-for-all in Swiss Re's favor. As it has since the days following 9/11, Swiss Re will continue to honor its contractual obligations under the terms of coverage it agreed to provide before 9/11.”
This decision means that Swiss Re's payment obligation is subject to the terms and conditions of the operative Willis policy and cannot exceed Swiss Re's 25% share of the $3.5bn loss limit Silverstein purchased.
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